Scenarios
- Price fluctuates inside yellow triangular formation.
- Red general downtrend line acts as a significant resistance.
- Breaking above it can be identified as a signal of a further uptrend within the dimmed fib channel. Cross of fibs are the targets of reversal to watch out.
- If it breaks below the yellow triangle into Local Demand Area, then a partial accumulation would be an answer to such market move, as getting close to the global support trend line will reverse the supposed fall.
- Zoom out to view all fib induced targets. I use these fibs to evaluate and justify all the possibilities of any targets considering the fractal configuration of the market. Fibs in general are powerful tool to deal with chaotic market moves.
- Also note the price range called long-term support zone is there for establishing assumed general wave C. This should be taken into account if all scenarios above fail.
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Inside orange triangle. Let's see how long it can stay on those levels :)
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Red dotted line fib (1.618) is playing a role of resistance. I wouldn't be surprised if correction starts now.
